Milk prices are set to rise later this year after the Marketing Committee approved a series of changes, including a new pricing structure for larger regular purchases.

The price of a pint of milk will increase by 6p to 96p, while a one-litre carton will rise by 10p to £1.60.

Milk supplied to schools will remain at its current price until January 1, 2027.

A new banded pricing system will also be introduced for containers of 1.75 litres and above. Under the new arrangements, the price paid per litre will depend on the volume of milk purchased each week from the same supplier.

Prices will range from £1.43 per litre for lower-volume purchases to £1.27 per litre for customers buying the largest quantities.

The committee said the changes were designed to help 'secure the long-term future of the island's dairy industry and ensure a continued supply of fresh Manx milk for consumers'.

The announcement comes a week after Isle of Man Creamery confirmed long-serving managing director Findlay Macleod is to step down after 26 years in the role.

In a statement released on Wednesday, Mr Macleod said he had decided 'now is a good time to take a step back' and consider his priorities and ambitions for the future.

He described it as 'a privilege' to work with and on behalf of the island's dairy farming community and said he was leaving the business with 'a strong sense of pride' in what had been achieved during his tenure.

'I wish the business, its employees and the island's dairy farming community every success for the future,' Mr Macleod said.

'I now look forward to spending time with my family and considering my next challenge.'